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OANDA:XAUUSD   Gold Spot / U.S. Dollar
A rebound in the DXY and all-time high prices we are witnessing in the U.S. stock indices has proven to be slightly bearish for the precious metal sector however despite the growing momentum in the U.S. housing sector the gold market continues to trade in a tight range seeing little reaction which we might say would be bullish for the metals. At the same time, building permits data, which is a precursor to future projects, was up 1.4% at 1.482 million lath month, up from October’s revised level of 1.461 million. We need to keep in mind that the U.S-China trade deal is still the most crucial thing which would affect the prices significantly. The phase 1 deal has yet to be signed and there are many skeptics that wonder how China will be able to purchase $40 billion worth of agricultural products, which is about double the previous record-high annual China ag purchases from the U.S.Technical chart and Economic indicators are giving a mixed picture however leaning more towards the bearish camp but we are taking caution and In order to secure our profit We have moved our stop loss in Gold at $1503 and In silver at $18. At the moment gold is near a key technical area – the 10-day moving average of $1,470.59 and the 20-day of $1,471.88. If gold can rally above here, the market may gain some technical momentum however the bigger resistance for gold stands at $1500(psychological level) and $1525 level. Overall it seems the rally we could see in the sector is fairly limited compared to the major breakdown within the precious metal sector which is yet to be seen.


Your setup is nice.. even if gold jumped and go above 1500 it will still be sell.. 1550 level has been a psychological figure from long term... last time gold fallen below 1550 and went straight to 1300$.. so i think we will see nice pull back.. i personally think 1300 level to go before rising.. but i see your target is 1200.. lets see but overall picture for now i see is bearish no matter if it rises.. i dont see any time soon break of 1550..
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